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MicroStrategy's Michael Saylor advocates for Bitcoin as a corporate treasury asset, despite criticism labeling the company's model a "giant scam." Major firms like Marathon Digital, Tesla, and Coinbase hold significant Bitcoin reserves, while others, including Amazon and Genius Group, explore adopting similar strategies to enhance shareholder value amid economic uncertainties.
Bitcoin mining company MARA has acquired 15,574 BTC for $1.53 billion, raising its total holdings to 44,394 BTC valued at $4.3 billion. The firm plans to continue purchasing Bitcoin, leveraging a yield of 22.5% quarter-to-date and 60.9% year-to-date. Other miners, including Hut 8 and Riot Platforms, are also expanding their BTC reserves, with Hut 8 acquiring 990 BTC and Riot adding 5,117 BTC to their holdings.
Hut 8 has bolstered its Bitcoin holdings to over $1 billion following a $100 million acquisition of approximately 990 BTC, bringing its total reserves to over 10,096 BTC. This strategic move positions Hut 8 among the top 10 corporate Bitcoin holders globally, as the company aims to enhance its financial position and shareholder returns through effective treasury management.
Bitcoin mining companies MARA and Hut 8 have significantly increased their Bitcoin holdings, with MARA purchasing a total of 15,574 BTC for approximately $1.53 billion, raising its treasury to 44,394 BTC valued at over $4.4 billion. Hut 8 added 990 BTC for about $100 million, bringing its total to 10,096 BTC. Both firms rank among the top six publicly traded companies by Bitcoin holdings, despite recent declines in their stock prices amid a broader market downturn.
Hut 8 has surpassed $1 billion in Bitcoin holdings following a $100 million acquisition of 990 BTC at an average cost of $101,710 per coin. This purchase supports the company's strategy of enhancing its mining capabilities and positions BTC as a strategic reserve asset amid a favorable regulatory environment. CEO Asher Genoot emphasized that the strategic reserve is crucial for Hut 8's treasury strategy, aiming to grow holdings organically at a discount to market prices. The company is also addressing a class-action lawsuit from shareholders related to allegations of overstating profitability and operational issues.
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